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ALROSA redeemed 3 ECP issues worth $232 million in November

19 november 2009

In November diamond mining company ALROSA managed to repay three issues of euro commercial papers (ECP) for a total of $232M, Interfax agency was reported at the company.
Particularly this Thursday ALROSA repaid ECP worth $100M, the issuer being Luxembourg-based Alrosa Finance SA.
Placement of ECP issues was conducted within the scope of ECP program amounting to $700M.
ALROSA used to raise funds extensively in order to finance underground mines construction program (three underground mines worth $1 billion each). By the end of July ALROSA’s net debt reached $5 billion. Following the results of first nine months of 2009 this figure was reduced to 120 billion rubles owing to resumption of diamond sales at the market.
Previously the company’s President Fyodor Andreyev stated that ALROSA intended to reduce its net liabilities to $3.2 billion by the end of 2009. In his opinion, subject to market environment ALROSA might issue bonds worth 10 – 30 billion rubles, probably on security of state guarantees, in December 2009 or the beginning of 2010. In the second quarter of 2010, should the company’s profit reach 9-10 billion rubles, then one can project ECP placement for a total of $0.5-1 billion.

Interfax